Truth in Foreclosure

5.66 Percent of Eligible Mods Go Permanent

5.66% of eligible mods were permanent in January according to the Treasury Dapartment. GMAC leads the pack at over 19% and Wachovia is in last place according with 1.39%. Check out how your lender is doing...

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Six Servicers Approved–Is Yours One of Them?

Six servicers have been approved by the Treasury Department to begin offering Home Affordable loan modifications. Is yours one of them? You can find out at the site as well as follow a link right to the right page on your servicer's website to begin processing your application if they are.

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More Lenders Join the Moratorium Bandwagon

More lenders are agreeing to suspend the foreclosure process to wait on the Treasury Department's new Financial Stability Plan. Most are agreeing to suspend it for 3 weeks...come see if your lender is on board as well as my prediction about what to expect.

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Lawmakers Get Foreclosure Suspension Commitments

The presidents of several of the country's largest lenders agreed to suspend foreclosure actions yesterday in a hearing before Congress. If you have a foreclosure sale date, you should contact your lender and see if they're following suit. Representative Barney Frank, Chairman of the House Financial Services Committee, says he expects about 95% of lenders to do the same until....

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Project Lifeline Gives You 90 More Days…maybe

If you're 90 days or more behind on your payments, regardless of whether you've tried to negotiate a workout plan with your lender in the past or not, you may now have an additional 30 days to negotiate...if you're not in bankruptcy or have a foreclosure sale within 30 days, that is. But you have to ask for it.

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